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Cost Flow Methods The following three identical units of Item P401C are purchased during April:
Point 1: Item Beta Units Cost April 2 Purchase 1 $100
Point 2: Purchase 1 120 Purchase 1 140
Point 3: Total $360 Average cost per unit $120 ($360 = 3 units)
Point 4: Assume that one unit is sold on April 27 for $300.
Question 1: Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (C) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) $ c. Weighted average cost
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